Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

What's All Over Albany?

All Over Albany is for interested and interesting people in New York's Capital Region. In other words, it's for you. It's kind of like having a smart, savvy friend who can help you find out what's up. Oh, and our friends call us AOA.

Search

Recently on All Over Albany

What's up in the Neighborhood

Among the topics in this most recent spin around the Capital Region's online neighborhood: Townsend Park, maple syrup bootlegging, college visits, launching into a new... (more)

Albany Lantern Parade 2018

The Albany Lantern Parade is returning for its third year in Washington Park on November 4. Event blurbage: This free, family friendly event showcases community... (more)

Morning Blend

Schoharie crash + More on Shahed Hussain, the owner of the limo in the Schoharie crash, including business dealings in which an Olympic boxer and... (more)

Today's moment of mural

Took a minute the other day to admire this little mural in the Williams Street alley just off Broadway in downtown Troy. It's just very... (more)

The interurbans

Check out this clickable map of the old "interurban" trolley lines that ran all over New York State back in the 1920s. Here in the... (more)

Recent Comments

Giving out odd candy like Charleston Chews and Mallow Cups to confused trick or treaters and hoping that they try them and learn that they're awesome.

Drawing: Historic Haunted Pub Crawl of Downtown Albany

...has 48 comments, most recently from acw

Today's moment of mural

...has 2 comments, most recently from Marie

Riding the trolley -- everywhere

...has 18 comments, most recently from Jason

Where to buy Mexican-style chorizo?

...has 12 comments, most recently from Lily

The Albany Hardware & Iron Co.

...has 3 comments, most recently from Paulsome